How is an Arbitrator appointed?

Posted On February 9, 2016 by &filed under .

How is an Arbitrator appointed?

If the value of claim made by the Applicant or counter claim made by the other party is less than or equal to 10 lakh, sole Arbitrator is appointed. If the value is more than Rs. 10 lakh, panel of three Arbitrator constituted.

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute.

In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

Arbitration is a quasi judicial process of settlement of dispute between the trading members and clients, in respect of trades done on the Exchange. Arbitration aims at quicker legal resolution for the disputes.

When one of the parties feels that the complaint has not been resolved satisfactory either by the other party or through the complaint resolution process of the Exchange, the parties may choose the route of arbitration.